An innovative lending solution from financial infrastructure provider, Banking Circle, has been named as a finalist in the 2020 Credit Awards category for Best Use of Technology – SME Lender.

The highly respected awards programme recognises and rewards innovation and best practice as well as the hard work of those working across the global credit and financial service industry.

Banking Circle Lending – which comprises Banking Circle Instant Settlement and Banking Circle Cash Advance – was built in response to detailed market research into the pain points SMEs experience in accessing funding through traditional lenders. Launched in 2018, Banking Circle Cash Advance is growing at a rate of 15% month on month – more than 400% in the last 12 months.

Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle, commented: “As a new provider in the business lending space, it is a great honour to have been shortlisted for the prestigious Credit Awards. Today’s SMEs are working in a faster-paced marketplace than ever before, and traditional lending solutions have been unable to keep up. In contrast, we have designed and built our lending solutions with the aim of increasing financial inclusion by delivering faster, more flexible, affordable access to the extra cash businesses need.”

The innovative Banking Circle Lending solutions provide financial institutions with the ability to offer their merchant customers a fast, transparent, flexible, low-cost, and easy-to-manage loan solution. Where once smaller businesses were unable to achieve global ambitions due to a lack of necessary funds, Banking Circle Lending is improving financial inclusion by giving financial institutions the ability to offer SMEs fast access to loans and receivables financing with flexible repayment options.